New Delhi: Retirement fund body Employees’ Provident Fund Organisation (EPFO) has allowed its members to avail second Covid-19 advance to meet exigencies due to the second wave of the contagion.
Under the provision, the members were allowed to withdraw three months basic wages (basic pay + dearness allowance) or up to 75 percent of amount standing to their credit in their provident fund account, whichever is less, Ministry of Labour and Employment said in a statement on Monday.
The provision for special withdrawal to meet the financial need of members during the pandemic was introduced in March 2020, under Pradhan Mantri Garib Kalyan Yojana (PMGKY), it said.
An amendment to this effect was made by the Ministry of Labour & Employment in Employees’ Provident Funds Scheme, 1952 by inserting therein sub-para (3) under paragraph 68L, through notification in the Official Gazette.
The provision and process for withdrawal of second COVID-19 advance is same as in the case of first advance.
EPFO is committed to settling these claims within three days of their receipt.
For this, EPFO has deployed a system driven auto-claim settlement process in respect of all such members whose KYC requirements is complete in all respects. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days.